Bitcoin Dropping to $6K ‘Golden Pocket’ Isn’t Bearish, Says Trader

A classic Fibonacci retracement could land BTC/USD at $6,300 or lower and still not disturb the long-term trend.

Bitcoin (BTC) could crash to $6,000 and still remain bullish, one trader claimed on June 26 as the largest cryptocurrency tested $9,000 support.

In a Twitter analysis, the popular trader known as SteveCrypt0 offered an alternative to the bearish sentiment coming from markets this week.

Trader: $6K is “healthy correction”

With BTC/USD circling $9,200, analysts are broadly risk-off. Broad correlation with ailing stock markets has sparked multiple warnings that a failure to keep support at current levels could spell a fresh downturn.

For SteveCrypt0, however, even a worst-case scenario would not necessarily spell the end of the Bitcoin bull case.

BTC/USD could hit $6,300 or even lower, he argued, and still retain its overall uptrend. The reason, he said, lies in the fact that a Fibonacci retracement level lies at $6,340.

“We could go as low as 6300 or even dip to 6k and still be bullish,” he commented. 

“In fact, it would even be a healthy correction right into the golden pocket of the 0.618 Fib level.”

BTC/USD chart showing Fibonacci retracement level

BTC/USD chart showing Fibonacci retracement level. Source: SteveCrypt0/ Twitter

Bitcoin follows stocks downhill

Fibonacci lines represent a keen area of interest for Bitcoin traders eyeing short-term support. A 61.8% retracement versus previous highs is nothing new for BTC/USD — Bitcoin has shown an affinity for doing just that in recent times.

This time, $6,340 is the retracement relative to the recent highs of around $10,200 seen in early June.

In April, Cointelegraph noted that the same theory called for a pullback to $5,300, a month after 2020 lows of $3,600. Such a scenario did not play out.

Bitcoin’s performance meanwhile is likely to remain dictated by macro factors. On Thursday, veteran trader Tone Vays sounded the alarm about weakness in the S&P 500, together with a lack of nearby support levels.

Read the full article at

This content is provided by public RSS feed at Please contact us if you have any questions.

Be the first to comment

Leave a comment

Your email address will not be published.